CBI & Finance offers a third party extended warranty program for Tesla owners in Ontario, Quebec, New Brunswick and Nova Scotia. Recently, the company has updated its coverage items to include more suspension parts that are known to often require replacing.
CBI & Finance launched their extended warranty program last year, offering extensive coverage for vehicles less than 10 model years old and with less than 200,000 km on the odometer. As is typical with any extended warranty program, there are some limitations in what is covered under the terms of the agreement.
However, instead of further limiting the coverage, the company has implemented a major upgrade as it now includes ball joints, control arms, bushings and link kits.
The CBI & Finance extended warranty can be purchased in 12, 24, 36, 48, or 60 month terms. Prices range from $2,500 for one year, to the best value, a 60 month term at $2,900. (A $100 rebate is also available if you are a registered member of Tesla Owners Club Ontario or Tesla Owners Club Quebec.)
Any owner of a higher mileage Tesla will tell you these suspension parts frequently require replacement, and when they do, it is not cheap. The cost of a single suspension service can easily exceed $2,900, making this extended warranty extremely good value for money.
Tesla does also cover these parts in their Extended Service Agreement, but it is only good for 2 years, or 40,000km, compared to CBI & Finance, which is good for up to 5 years with unlimited mileage.
As we noted, this program is only available in Ontario, Quebec, New Brunswick and Nova Scotia, however the company is working through the regulatory hurdles to expand coverage across Canada.
For a full list of items covered under the extended warranty, and to apply for a quote, you can visit CBI & Finance.
Here are some benefits of the program:
- Eligibility for All Tesla Owners: Regardless of where you purchased your Tesla or your current warranty status, if you can select your vehicle specifics and term options, your vehicle is eligible for the program.
- Grace Period and Refund Option: Upon purchasing the coverage plan, you have a 30-day grace period before your warranty is activated. During this time, you can choose to cancel and receive a 100% refund.
- Coverage Plan Flexibility: The earlier you invest in the warranty contract while your vehicle is under full manufacturer’s warranty, the more cost-effective and extensive your coverage options become.
- Hassle-Free Service Experience: CBI & Finance offers direct payment to the Service Center. If this is not available at your local Service Center, you will receive timely reimbursement, minus your low $100 deductible.
- Comprehensive Coverage: The warranty contract is designed to provide the highest level of coverage for Teslas outside of the manufacturer’s warranty, covering a wide range of crucial parts to keep your EV running smoothly.
- Transferable Warranty: If you decide to sell your Tesla, the warranty can be transferred to the new owner, offering additional value and peace of mind.
